Solutia $67 million Dequest business sale approved

By Caroline Salls

Pittsburgh, May 18 - Solutia Inc. obtained court approval of the $67 million sale of its Dequest water treatment phosphonates business to Thermphos Trading GmbH, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Solutia said no other qualified bids were received.

Thermphos also will assume some of the liabilities of the Dequest business.

As previously reported, the parties will enter into a lease and operating agreement under which Solutia will continue to operate the Dequest facility to produce Dequest products exclusively for Thermphos at Solutia's plant in Newport, Wales.

Solutia, a St. Louis-based manufacturer and provider of performance films, specialty chemicals and an integrated family of nylon products, filed for bankruptcy on Dec. 17, 2003. Its Chapter 11 case number is 03-17949.

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